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10% mortgages
hippocrates1
Posts: 354 Forumite
Do they exist at the moment? I’m a doctor. I’m looking at a house around £175k. I earn £38k basic and £53k if you include banding (hours I’m contracted to outside of 9-5). I have 11k of my own savings and my parents can gift the rest.
Is it possible for me to secure a 90ltv?
On a side note. What are the disadvantages/ advantages of family assist mortgages?
DIP 09/02/21
Offer on property 17/02/21
Offer accepted 18/02/21
Mortgage application submitted 22/02/21
Desktop valuation 22/02/21
Mortgage offer received 22/02/21
Solicitor instructed 23/02/21
Draft contract received and enquiries sent 02/03/21
searches back 08/03/21
Enquiries back 10/06/21
Exchanged 23/06/21
Offer on property 17/02/21
Offer accepted 18/02/21
Mortgage application submitted 22/02/21
Desktop valuation 22/02/21
Mortgage offer received 22/02/21
Solicitor instructed 23/02/21
Draft contract received and enquiries sent 02/03/21
searches back 08/03/21
Enquiries back 10/06/21
Exchanged 23/06/21
0
Comments
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you need a broker for this. Not all lender accept 100% of banding, some only 50% , some less some more. 10% products are becoming more difficult to get with criteria changes and lenders being more picky"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
10% deposit is currently tricky. Mainly just houses and ftb. They do exist though. Why not contact a broker. If you dont have one some of us who post here are independent brokers and we are identifiable by our signatures. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help.0
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I am a ftb and it would be for a house. I do have a broker but he charges a fee so wondering if I should switch?haras_n0sirrah said:10% deposit is currently tricky. Mainly just houses and ftb. They do exist though. Why not contact a broker. If you dont have one some of us who post here are independent brokers and we are identifiable by our signatures. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help.DIP 09/02/21
Offer on property 17/02/21
Offer accepted 18/02/21
Mortgage application submitted 22/02/21
Desktop valuation 22/02/21
Mortgage offer received 22/02/21
Solicitor instructed 23/02/21
Draft contract received and enquiries sent 02/03/21
searches back 08/03/21
Enquiries back 10/06/21
Exchanged 23/06/210 -
Most brokers charge fees these days. Generally 250 - 500 seems standard unless you have a lot of adverse. There are still fee free brokers but you may not get much of a service- look at london and countries reviews - no one answering the phone or emails, waiting 3 weeks to speak to a broker. If you want a service you will likely need to pay a fee as then the brokers can take on less clients and be available through the processhippocrates1 said:
I am a ftb and it would be for a house. I do have a broker but he charges a fee so wondering if I should switch?haras_n0sirrah said:10% deposit is currently tricky. Mainly just houses and ftb. They do exist though. Why not contact a broker. If you dont have one some of us who post here are independent brokers and we are identifiable by our signatures. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help.1 -
hippocrates1 said:
I am a ftb and it would be for a house. I do have a broker but he charges a fee so wondering if I should switch?haras_n0sirrah said:10% deposit is currently tricky. Mainly just houses and ftb. They do exist though. Why not contact a broker. If you dont have one some of us who post here are independent brokers and we are identifiable by our signatures. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help.What is wrong with a broker charging fees? as long as the fee is less than £500 then it is considered normal.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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